Are you new to Binance? Or rather, are you entirely new to crypto?
Well, it does not matter, whether you’re new to crypto or you are only new to Binance, we will still make sure we give you the best you deserve.
In this article, I am going to be sharing with you the following:
- How to get started on Binance?
- How to buy on Binance?
- How to sell on Binance.?
- And some other things.you ‘d love to know?
NB: It always seems difficult to get used to everything at the beginning but trust me, as time goes on, you will begin to get accustomed to them.
Without wasting time, let’s dive in?
How to get started on Binance?
This is always the case whether you are using Binance or any other crypto platforms, you will have to set up an account with them i.e register with your correct information.
Register with Binance
You are expected to fill in your information as required.
Use your mobile number and a strong password.
Enter your mobile number and also create a strong password, I advise using a combination of numbers, letters and symbols
Verify your account.
This is the last step, then you are done.
How to buy on Binance?
I have compiled a step by step guide on how to buy on Binance. It is super simple, grab a cup of coffee as we head in straight.
Below is a four-step guide on how to buy on Binance. Since all are set, let’s get started.
Step 1: Log in to your Binance account
Whether you are using the Binance app or you are using their website, the first thing you need to do is to log in to your account.
After doing this, click on the trade button which is usually the middle button on your home screen. Once you tap it, you will see four buttons namely; “buy”, “sell”, “deposit” and convert.
Step 2: Click on the “buy” button
After clicking on the trade button, the next step is to click on the buy button.
When you click on the buy button, you will be directed to the purchase page where you will choose the asset (crypto) that you intend to buy.
Step 3: Choose the cryptocurrency you want to purchase and enter the amount.
After you have tapped the buy button, you will be required to choose the crypto you want to buy.
I advise you to think well before making a decision to avoid making a mistake.
Is it the popular ones like “bitcoin” and “Ethereum” that you want to invest in or is it the less popular ones?
Make a choice!
After choosing the one you want to buy, you will see a column for amount, enter the amount.
Note: You can also tap on the assets that you want to acquire directly on the home page.
Step 4: Select the payment method.
After tapping the asset and punching the amount you would love to purchase, the next step will be to choose your method of payment.
Binance offers a variety of different fiat channels for users in different countries to purchase crypto.
For instance, if you are using GBP or EUR, you can pay with a cash balance or pay with a card.
NB: Please refer to the Binance app to see the fiat channels available for your country.
To pay with a cash balance, you will deposit fiat currencies into your account first while to pay with a card, you will only enter your card information and confirm payment.
Binance also offers peer-to-peer trading for some countries.
For instance, if you are using VND or CDP to buy, you can pay offline via bank transfer. You can refer to the app to see the p2p channels that are available for your country
Before we proceed to “how to sell on Binance”, let’s check out the following;
What are fiat currencies?
Maybe you are wondering what fiat currencies mean.
Fiat currencies are physical currencies i.e printed by the government e.g coins, US dollars.
Unlike crypto currency, their value is dependent on economic policy and the state of the economy of a country.
What is p2p trading?
P2p trading is an acronym that means peer-to-peer trading.
It’s a type of trading that does not involve a third-party i.e no intermediary. It is a direct transaction between two users of a particular exchange platform.
For example, if you and I are users of Binance and I intend to sell some of my crypto, I can just contact you and if you are interested, deal. It’s between me and you.
Such a transaction is called p2p because it does not involve a third party.
Is p2p trading safe?
P2p trading is safe and fair on Binance because Binance provides an escrow
service that ensures safe and fair trading.
Once a buyer completes his order, they (Binance) will handle the seller’s cryptocurrency in a temporary deposit until both parties confirm the transaction is successful
How to sell on Binance?
Since we have considered how to buy on Binance, the next thing to consider is how to sell on Binance?
The process of selling on Binance is similar to buying on Binance, nevertheless I have compiled the steps for you to see and they are as follows;
Step 1: Log in to your Binance account.
The first thing to do here is also to login to your Binance account.
Step 2: Tap the “trade button”
The next step is to tap the “trade button” which is the center button on your screen.
After tapping the trade button, click on sell.
Step 3: Choose the crypto currency that you want to sell.
Once you have tapped the “sell” button, choose the crypto that you want to sell and enter the amount of that crypto that you intend to sell out.
Step 4: Choose the method of receiving the money.
This time around, you are going to choose the method of collecting the fiat currency.
Again, let’s take for example if you are selling your crypto in GBP or EUR, then the money will be deposited directly to your cash balance.
Note: There are different fiat channel.for receiving, refer to the app to know the available fiat channel for your own country.
Binance also offers p2p trading for selling crypto for.some countries, you can also refer to the Binance app to see which one is available for your country.
For instance, if you are selling in PEN, apart from crediting it to your cash balance, you can also choose to receive your money through bank transfer.
By now I believe you already know how to buy and sell on Binance. Good luck with your crypto journey!
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